Blockchain Founded by Meta Alumni Sees 46% Increase in Deposits
Solana Deposits Decline Amid FTX Crisis
[Asia Economy Reporter Lee Jung-yoon] The total value locked (TVL) in Aptos, a blockchain project created by former Meta (formerly Facebook) employees that attracted attention under the title of blockchain, is showing an increasing trend in decentralized finance (DeFi) deposits. This contrasts with the sharp decline in deposits on other blockchains following the bankruptcy of the global cryptocurrency exchange FTX, which plunged the coin market into a winter.
According to DeFi analytics platform DeFiLlama on the 27th, Aptos' total deposits as of the previous day were $53.1 million (approximately 67.8 billion KRW). This represents a 47.42% increase compared to early last month and a 30.01% increase compared to early this month. On the 19th of this month, the total deposit amount surpassed $50 million for the first time. As of the 26th, the total deposit amount across all blockchains was $39.4 billion (approximately 50.3138 trillion KRW), down 0.78% from the previous day and down 27.96% compared to early last month.
The increase in Aptos blockchain's deposit size is attributed to the fact that Solana, a competing blockchain, was hit hard by the FTX incident. Although Solana's deposit size remains higher than Aptos', its decline is more pronounced. Deposits that were $962.31 million (approximately 1.2337 trillion KRW) in early last month decreased by 77.67% to $214.91 million as of the previous day.
Aptos is nicknamed the "Solana Killer." Aptos was created using the Move programming language, which is based on Rust. Since Solana was also developed using Rust, which underpins Move, it is analyzed that Solana-based decentralized applications (DApps) could be attracted to the Aptos ecosystem. South Korean exchange Upbit explained in its digital asset report, "Solana, identified as a competing mainnet, adopts Rust, making it relatively easy to attract Solana-based DApps to the Aptos ecosystem."
Furthermore, Aptos became famous for involving key personnel from Meta, marking Facebook's attempt to enter the cryptocurrency market, which had previously failed. When Aptos, a blockchain-distributed coin, was listed on exchanges, Upbit saw a five-day consecutive upward trend. Aptos is also expected to solve the speed and fee issues faced by existing layer 1 blockchains such as Bitcoin and Ethereum.
Aptos also benefited from the decline in popularity of Solana, which had maintained a close relationship with FTX amid the FTX crisis. FTX founder Sam Bankman-Fried previously expressed support by stating, "The most undervalued coin is Solana (the cryptocurrency circulating on the Solana blockchain)." He also created a non-fungible token (NFT) marketplace within FTX where Solana and Ethereum could be traded, based on the Solana blockchain DeFi project Serum. The fact that FTX made large-scale investments in Solana and that Solana coins accounted for more than half of the wallet-held assets was also a blow.
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